05 Jun Question Open Secrets: How Leases P
Question
Open Secrets: How Leases Play a Shadowy Role in Accounting; Despite a Post-Enron Push,
Companies Can Still Keep Big Debts Off Balance Sheets
Weil, J. (2004, Sep 22). Wall Street Journal. Retrieved from http://ezproxy.umuc.edu/login?
url=http://search.proquest.com/docview/398942712?accountid=14580
The article above was published in 2004. By mid-2005, more than 250 companies announced earnings
restatements related to lease accounting issues. The FASB and the IASB subsequently began a joint
project on leases. From the perspective of financial statement users, what, in your opinion, are the most
significant issues or problems relating to lease accounting? (In addition to discussing the issues identified
in this article, please feel free to conduct additional research to help you identify the key issues).
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